In an unprecedented surge of revenue during the Coronavirus crisis last year, Amazon owner Jeff Bezos is now gaining more attention and attracting more followers. Following the 2020 Q1 release of the retail giant’s earnings, Bezos said in a statement that even with at least 30% revenue increase across all brands, investors should not expect a rise in profits. He said that revenue would go towards employee protection and other COVID-19 efforts from the previous year.
Nonetheless, the movement in Amazon’s numbers further calcifies its position in the competition, in the economy, and in the lives of a lot of Americans. Unsurprisingly, Bezos is arguably the most famous entrepreneur right now, with many individuals aspiring to be like him. From a garage setup of a computer to an empire that can afford research for future explorations to outer space, his success story makes a lot wonder how to create profit like Jeff Bezos.
Looking at how he grew Amazon from a book-selling website to America’s marketplace and more, here are some of the spectacular strategies that set him and his company apart. Avoid mistakes most small business owners make and instead focus on doing these three things today.
Pay attention to the details AND don’t lose sight of the goal.
Relentless – this is perhaps the word that Amazonians, as Amazon employees refer to themselves, associate with their leader Bezos. His vision is as clear as day, and it’s almost like he can see the future. When he launched Amazon.com as a marketplace for books, going against big brands such as Barnes & Noble, he didn’t intend it to be a just-books website, and he worked towards it.
He encourages flexibility in work processes until the best one clicks. He reads and interprets data to fine-tune strategies that would bring in more profits continually. Acknowledging early on that you need to get your hands dirty in laying the foundation for a stable company of your own will eliminate any doubt about doing the right thing.
Hire the best talent AND train them well.
Amazon is notorious for having stringent hiring standards, and for a good reason. After all, Bezos didn’t build his company all on his own. Human resources have one mandate: to hire someone that will set the bar higher for the next talent to come in. Because of this, Amazon and its other brands have a stunning talent pool that Bezos leans on.
Great entrepreneurs replicate themselves, and Bezos does it with utmost focus. New hires in the upper managerial positions are assigned technical advisers, who train them to adopt Bezos’s management and thinking process. It gives both the employee and Bezos confidence that everything is aligned – ultimately, with him.
Once he earns the trust of his teams, he gives them freedom in implementing strategies without the need for approval from upper management. When great minds are allowed to think and do as freely as they can, so much is achieved.
Pay the customer the utmost attention, AND they will pay you back with trust.
Not once has a customer complained to Amazon without immediate customer-favoured action. For instance, if you buy three pieces of small and thin memory cards, and you tell them that only two came when in fact, you didn’t see that the other one was lodged in the box lid, Amazon will ship your “missing” memory card, no questions asked.
Bezos is a firm believer in a customer-first way of conducting business. What does the customer like? From there, start a backward work that doesn’t lose focus on the customer. Owning data that tells the purchasing behaviours of practically a whole nation, Bezos and his teams can craft products and services that respond to these behaviours. Critics are saying Amazon is a threat to the democracy previous leaders spent so many years building. Still, the fact remains that the average American has more trust in Amazon than in the military. It says a lot about the utmost care that Amazon makes the customer feel and about the bright future it holds.
Jeff Bezos is an interesting person. He is fantastic at what he does, and entrepreneurs should definitely watch carefully how he did and continues to do things. He’s the person we run to when we need a digital book reader, and he might be the person we run to when we need to relocate to another planet. Who knows? Maybe he does.
If you are seeking more of this content and how you can repurpose your business or more business planning so that it would snugly fit into the present world situation, Annette & Co. is here to offer you a FREE consultation. Annette Ferguson – Chartered Accountant and Certified Profit First Professional – can help you unlock financial strategies to improve the profitability of your business amidst an economic crisis.
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